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LISI 2016 FINANCIAL REPORT
63
2.6.7
I
Non-operating profit
(in €’000)
12/31/2016
12/31/2015
FINANCING EXPENSES AND REVENUE ON CASH
Revenue on cash
813
600
Impact of the change in fair value of positive interest rate hedges
333
383
Impact of the change in fair value of negative interest rate hedges
(501)
(8)
Financing expenses
(5,065)
(7,138)
Subtotal income from cash and cash equivalents
(4,420)
(6,163)
OTHER INTEREST REVENUE AND EXPENSES
Foreign exchange gains
54,490
34,802
Foreign exchange losses
(37,000)
(37,277)
Impact of the change in fair value of positive currency hedges
0
664
Impact of the change in fair value of negative currency hedges
919
(7,242)
Other
(639)
(766)
Financial income and expenses
17,770
(9,819)
FINANCIAL RESULT
13,350
(15,981)
The financial result (income) (+€13.3 million) increased substantially
compared with 2015 (–€16.0 million). The major impacts may be
summarized by:
–
–
the financial expenses corresponding to the cost of net debt
benefited from the decrease in the interest rates. They amounted to
–€4.2 million (–€5.0 million in 2015) i.e. an average calculated rate
of +1.70% (+2.06% in 2015);
–
–
the revaluation of the debts and receivables in currency
(+€18.3 million against –€0.1 million in 2015). The value of the
debts was mechanically reduced benefiting from the substantial
drop in sterling, while the value of the receivables, investments and
bank accounts was mechanically increased benefiting from the
substantial rise in the dollar at year end;
–
–
the valuation of the currencies’ hedging instruments (–€0.7 million)
against –€9.4 million in 2015)
–
–
the provision for exit from the pension scheme in the United States
which had accounted for –€1.5 million in 2015.
2.6.8
I
Income tax
2.6.8.1 Income tax breakdown
BREAKDOWN
(in €’000)
Pre-tax
earnings
Tax*
Profit (loss)
after tax
Current profit (loss)
176,052
(53,038)
123,013
Non-recurring operating expenses and revenues
(9,975)
4,323
(5,653)
Employee profit-sharing
(5,242)
1,892
(3,350)
Tax credits
39
39
CVAE (Tax on companies’ added value)
(7,660)
(7,660)
Profit (loss) for the period
160,833
(54,443)
106,390
* of which taxes due: –€40,764,000
of which deferred taxes: –€6,059,000
of which tax credits: +€39,000
of which CVAE (Tax on companies’ added value): –€7,660,000
CONSOLIDATED FINANCIAL STATEMENTS
3